Securities Appellate Tribunal reconstitution expands jurisdiction and sets appointments, tenure and removal rules for members. Amendments establish the Securities Appellate Tribunal with notified jurisdiction and places; prescribe composition of a Presiding Officer, Judicial ... Summary
Securities Appellate Tribunal reconstitution expands jurisdiction and sets appointments, tenure and removal rules for members.
Amendments establish the Securities Appellate Tribunal with notified jurisdiction and places; prescribe composition of a Presiding Officer, Judicial Members and Technical Members; require Benches to include at least one Judicial and one Technical Member and to ordinarily sit at Mumbai; permit the Presiding Officer to distribute business, transfer cases, and transfer members between Benches; set qualifications and appointment procedures including consultation and a Search-cum-Selection Committee for Technical Members; fix five-year terms with one possible reappointment subject to an age limit; and specify removal grounds following an inquiry by a Supreme Court Judge.
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